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Jul 19, 2012
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without more progress on the eurozone's debt crisis and clarity on america's fiscal cliff, economies could suffer. >> we will continue to see stall like numbers, close to potentially, potentially close to 0% growth in the u.s. economy. where the risk is there is that that virtuous cycle can be come viscous. >> reporter: the biggest worry is that no headway will be made on the fiscal cliff until after the november election. and, that might mean we could be talking about this soft patch well into next year. suzanne pratt, "n.b.r.," new york. >> susie: in its first major enforcement action, the consumer financial protection bureau is asking capital one to open "its wallet". the company famous for asking "what's in your wallet", will pay $210 million to settle claims it failed to monitor third-party pitches for credit protection to its customers. the agency says those pitches pressured capital one customers into buying add-ons they didn't understand or want. about $140 million will be refunded directly to customers. the c.f.p.b.'s head of enforcement says he's putting the rest of the ind
without more progress on the eurozone's debt crisis and clarity on america's fiscal cliff, economies could suffer. >> we will continue to see stall like numbers, close to potentially, potentially close to 0% growth in the u.s. economy. where the risk is there is that that virtuous cycle can be come viscous. >> reporter: the biggest worry is that no headway will be made on the fiscal cliff until after the november election. and, that might mean we could be talking about this soft...
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Nov 17, 2012
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when america goes over the fiscal cliff, the whole global economy suffers. and they will feel it here more than most. it does not have to happen. it threatens the britney side of recovery. >>> you are watching "bbc world news america. still to come on the program -- from the stage to the white house, led zeppelin get set for an audience with the president. what does guitarist jimmy page plan to say to barack obama? >>> austria has created the world's biggest marine park which restricts mineral exploration and fishing. duncan kennedy has all of the details. >> the area now covered it is bigger than saudi arabia. five zones around australia, from the coral sea in the north to the indian ocean in the west. massive stretches of open water, where fishing and drilling will be all but off-limits. >> we need to appreciate in the years to come we don't want people to only know the magnificence of the russians through aquarium's -- of the magnificence of their oceans. >> the most environmental groups say it is a maritime milestone. >> this is the world's biggest natio
when america goes over the fiscal cliff, the whole global economy suffers. and they will feel it here more than most. it does not have to happen. it threatens the britney side of recovery. >>> you are watching "bbc world news america. still to come on the program -- from the stage to the white house, led zeppelin get set for an audience with the president. what does guitarist jimmy page plan to say to barack obama? >>> austria has created the world's biggest marine park...
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Nov 14, 2012
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economy of the fiscal cliff. expectations remain mixed for fancier retailers, but some experts predict the debate in washington over taxes will simply delay holiday purchases made by wealthy americans. >> i would expect that holiday spend won't get impacted as much. some of the larger wealth items, tax planning, estate planning, that's where their focus will be. it may defer some of it because they've been preoccupied. >> reporter: tom jacobsen tracks consumer spending behavior and believes the fiscal cliff will impact shopping patterns. he says in an uncertain economy retailers will need to pay close attention to pricing. >> as the confidence erodes, you might need more discounting to sell a luxury good. but that extra discounting won't take away from that good-feeling luxurious. >> reporter: according to a study out today, half of u.s. consumers still plan to buy make a small luxury purchase in the next six months. of those, 53% want specialty food or drinks, 48% are in the mood for luxury clothing, and 48% are
economy of the fiscal cliff. expectations remain mixed for fancier retailers, but some experts predict the debate in washington over taxes will simply delay holiday purchases made by wealthy americans. >> i would expect that holiday spend won't get impacted as much. some of the larger wealth items, tax planning, estate planning, that's where their focus will be. it may defer some of it because they've been preoccupied. >> reporter: tom jacobsen tracks consumer spending behavior and...
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Nov 24, 2012
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the fiscal cliff problem? >> i mean, part of what jim seems to be saying is that the economy is on not exactly a glide path but sort of already stumbling its way toward what needs to happen. and i always felt covering the campaign that that was sort of the dirty secret of both candidates' rhetoric was that neither of them really had a concrete achievable or constructive policy plan to move forward. it was really just sort of sit on your hands and hope things get better. pete: all right. thank you all very much. thank you. that will have to wrap it up for tonight. where leaving a bit early because it's pledge week. we like to think of it as giving you a chance to support your local pbs station. which in turn supports us. so be sure to check out our webcast extra. where we talk more about hillary clinton's last overseas trip. alongside president obama and what her future might look like. that's at pbs.org/washingtonweek. i'm pete williams. gwen ifill will be back around the table next week. on "washington week."
the fiscal cliff problem? >> i mean, part of what jim seems to be saying is that the economy is on not exactly a glide path but sort of already stumbling its way toward what needs to happen. and i always felt covering the campaign that that was sort of the dirty secret of both candidates' rhetoric was that neither of them really had a concrete achievable or constructive policy plan to move forward. it was really just sort of sit on your hands and hope things get better. pete: all right....
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Dec 27, 2012
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and the fiscal cliff? >> i think overall it was more probably 70 to 80% factors beyond the retailer's control. i think retailers had creative merchandise but i think the news didn't lead to a feel good factor. >> in any economy, good or bad, you always have some winners. who did really well this year? >> well, it looks like in terms of who did well so far, companies like american eagle outfitters limited, michael cors, macy's' tj and i would say costco was also a winner. >> on the flip side were there retailers that you had high hopes for going into the season but just didn't deliver in the end. >> certainly we will see some becoming more promotion al, some of the children's retailers, whether it was impacted by weather or there was competitive price and they did a good job at it, the children's retailers seemed to have a tougher season this year. >> now is the time of year when we shift into gift card sales. what most people don't realize is those sales get counted until the cards are redeemed. is that en
and the fiscal cliff? >> i think overall it was more probably 70 to 80% factors beyond the retailer's control. i think retailers had creative merchandise but i think the news didn't lead to a feel good factor. >> in any economy, good or bad, you always have some winners. who did really well this year? >> well, it looks like in terms of who did well so far, companies like american eagle outfitters limited, michael cors, macy's' tj and i would say costco was also a winner....
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Nov 21, 2012
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, where the economy goes off the broad fiscal cliff, the largest fiscal cliff, which, according the c.b.o. and our analysis, would send the u.s. economy into recession, i don't think the fed has the tools to offset that. >> susie: members of the audience agreed. >> he was very frank in saying, you know, "we can try," he essentially said, "we will try, but we don't have anything in our arsenal that comes close." >> susie: bernanke is already using the weapons in his arsenal to fix the job market, which he said today is still "unhealthy". he also repeated the fed's plan to keep interest rates super low at least into 2015. >> we will want to be sure that the recovery is established before we begin to normalize policy. we hope that such assurances will reduce uncertainty and increase confidence among households and businesses. >> susie: but bernanke gave no hints on when americans can expect to see higher rates. >> the further we go down the road, the question is going to turn to how is the fed going to reverse policy, and what the chairman said today is that decision is a long way off. >> su
, where the economy goes off the broad fiscal cliff, the largest fiscal cliff, which, according the c.b.o. and our analysis, would send the u.s. economy into recession, i don't think the fed has the tools to offset that. >> susie: members of the audience agreed. >> he was very frank in saying, you know, "we can try," he essentially said, "we will try, but we don't have anything in our arsenal that comes close." >> susie: bernanke is already using the...
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economy is headed for a fiscal cliff. we look at what policymakers are saying now. >> tom: i'm tom hudson. pump prices continue to slide, and that could mean cash in your pocket this summer. >> susie: and when it comes to individual investors, will they or won't they buy the facebook i.p.o.? >> tom: that and more tonight on "nightly business report." they're could soon be more help for the u.s. economy. federal reserve policymakers say they're ready to step in with more help if needed. the central bank released minutes from its most recent policy meeting today. they show policymakers are worried the u.s. economy is heading over a fiscal cliff. that cliff is the expiration of tax cuts and the start of deep spending cuts in the federal budget scheduled early next year. darren gersh reports. >> reporter: just like the rest of us, the federal reserve is waiting to see where the economy goes next. at its late april meeting, minutes released today show several members of the fed's policy making committee thought more bond purch
economy is headed for a fiscal cliff. we look at what policymakers are saying now. >> tom: i'm tom hudson. pump prices continue to slide, and that could mean cash in your pocket this summer. >> susie: and when it comes to individual investors, will they or won't they buy the facebook i.p.o.? >> tom: that and more tonight on "nightly business report." they're could soon be more help for the u.s. economy. federal reserve policymakers say they're ready to step in with...
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Nov 6, 2012
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the fiscal cliff threatens the economy,-s over stock investors but what about bond investors? >> bond investors have to watch out for the fiscal cliff as well. a lot of analysts are not a souming that will completely go over it but they're really uncertain and saying you know there is a lot of repercussions that people with fixed income can v especially in municipal bonds. but i'm sure we'll get to that. >> tom: absolutely, normally uncertainty would help out the bond market. this year the bonds have done very well. there is no doubt about it but they have pealed in comparison to stocks, up double digits. government bond mutual funds up 3%. corporate invest graded a rated bond funds up 7%, general municipal bond funds up 9% all according to lipper. so they've underperformed the stock market despite all this uncertainty. >> yeah, they have. and you know, theyontinue to go up. you know, you have some quantitative easing going on. and so people have jumped into corporate bonds. you know, the municipal bonds have continued to be attractive. they're tax exempt. you know, so far, so
the fiscal cliff threatens the economy,-s over stock investors but what about bond investors? >> bond investors have to watch out for the fiscal cliff as well. a lot of analysts are not a souming that will completely go over it but they're really uncertain and saying you know there is a lot of repercussions that people with fixed income can v especially in municipal bonds. but i'm sure we'll get to that. >> tom: absolutely, normally uncertainty would help out the bond market. this...
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Dec 13, 2012
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cliff that prevents the economy from falling back into recession, susie. >> susie: well, he better wish that again when he blows out the candles on his cake. at the present -- you know, i was struck by how much he talked about the fiscal cliff in very clear language, saying that it is a serious problem, it is already impacting the economy. and here is the important part: there is really nothing more the fed can do about it to offset going over the cliff. darren, you've been talking to so many lawmakers on the hill. do you think they're getting his message, and also in the white house as well? >> i really don't think so. i think they're aware that there are economic risks out there, but the battle between the president and the republican party and the speaker is kind of like that old saying about when elephants fight, the grass gets crushed. >> susie: i never heard that before. >> well, they're focused on the very big issue of tax rates, what the future of the fiscal policy of the country is. yes, they understand there are some economic risks, but i think they're battling it out for the
cliff that prevents the economy from falling back into recession, susie. >> susie: well, he better wish that again when he blows out the candles on his cake. at the present -- you know, i was struck by how much he talked about the fiscal cliff in very clear language, saying that it is a serious problem, it is already impacting the economy. and here is the important part: there is really nothing more the fed can do about it to offset going over the cliff. darren, you've been talking to so...
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Sep 4, 2012
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it's called the fiscal cliff. maybe you've heard about all the automatic tax increases and spending cuts that make up the fiscal cliff. now, before you say this is just another silly inside-the-beltway mess that doesn't affect my life. we want to tell you that the fiscal cliff is different. tonight, we're going to tell yoo what all this means to you, to our economy and our future. thelma and louise made pop history when they defiantly drove off that cliff. but this january, congress could steer the u.s. off a different cliff. and when someone falls off a cliff in washington, there are no stunt men to pick them up. on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. and if we do go over this cliff and let all this happen, the economy is projected to stagger into recession. it could derail everything, it would
it's called the fiscal cliff. maybe you've heard about all the automatic tax increases and spending cuts that make up the fiscal cliff. now, before you say this is just another silly inside-the-beltway mess that doesn't affect my life. we want to tell you that the fiscal cliff is different. tonight, we're going to tell yoo what all this means to you, to our economy and our future. thelma and louise made pop history when they defiantly drove off that cliff. but this january, congress could steer...
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Nov 10, 2012
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. >> tom: still ahead, tonight's market monitor is watching the fiscal cliff, but thinks the economy and the stock market will continue gaining strength. russell investment's erik ristuben joins us. >> tom: next friday's meeting at the white house over the fiscal cliff comes as credit rating agency standard and poors put the odds of going over the cliff at 15%. beth ann bovino, senior economist at standard and poor's joins us. beth anne, did you hear anything today from either the president or house speaker that gives you more or less hope about a deal before the end of the year? >> well it sounded that both the president and boehner seemed to be a little bit more interested in working together. now, again this is just one day after the election. so let's see if that holds up. it does look like there are a few olive branches out there. we'll see if it continues. >> putting the odds at one in seven, one in eight we could still go over the cliff. cow agree that that will plunge the u.s. economy into recession and an unemployment rate back over 9%. >> i'm about in agreement with them. i
. >> tom: still ahead, tonight's market monitor is watching the fiscal cliff, but thinks the economy and the stock market will continue gaining strength. russell investment's erik ristuben joins us. >> tom: next friday's meeting at the white house over the fiscal cliff comes as credit rating agency standard and poors put the odds of going over the cliff at 15%. beth ann bovino, senior economist at standard and poor's joins us. beth anne, did you hear anything today from either the...
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. >> going over the fiscal cliff will hurt our economy and hurt job creation in our country. this is not good for our country. it's as simple as that, and the president understands it. >> reporter: corporate leaders were also making the rounds. a group from the simpson/bowles backed organization "fix the debt" stopped in for talks on capitol hill. and later, c.e.o.s from yahoo, archers daniel midlands, caterpillar and other companies headed to the white house for a meeting with the president. >> i'd like to hear the president's views about where the country is headed and support him any way we can. >> reporter: treasury secretary timothy geithner will meet with congressional leaders tomorrow, so there is hope serious face- to-face negotiations will soon be under way. darren gersh, "n.b.r.," washington. >> susie: one of the c.e.o.s meeting with lawmakers today joins us. he is david cote, c.e.o. of honeywell. david, thank you so much for joining us. we really appreciate it. did you get the sense from house speaker boehner, he is ready to make a deal? >> i would say there is a r
. >> going over the fiscal cliff will hurt our economy and hurt job creation in our country. this is not good for our country. it's as simple as that, and the president understands it. >> reporter: corporate leaders were also making the rounds. a group from the simpson/bowles backed organization "fix the debt" stopped in for talks on capitol hill. and later, c.e.o.s from yahoo, archers daniel midlands, caterpillar and other companies headed to the white house for a meeting...
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Nov 2, 2012
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tax cuts and ease looming spending cuts; or they can jump off the so-called fiscal cliff and see if the economy follows. darren gersh, nbr, washington. >> tom: retail sales moved higher in october as retailers closed their books on the month before sandy rushed ashore. macy's surprised with a better than expected 4% sales gains; kohl's and target also fared well. warehouse store costco was up 5%, while nordstrom was the standout. the high-end retailer posting a near 10% sales gain. >> susie: and auto sales moved higher in october, despite hurricane sandy crimping sales in the final days of the month. sales at g.m. rose almost 5% on strength in its cadillac and buick brands. at ford, sales barely budged, up just four tenths of a percent. the auto maker believes the massive storm cost the industry as many as 25,000 sales in the last three days of the month. chrysler was up 10%, led by its ram pickup truck. toyota's sales were up 16%, while honda gained about half that. also from ford today, some management news that looks like a succession plan. mark fields was tapped to be chief oper
tax cuts and ease looming spending cuts; or they can jump off the so-called fiscal cliff and see if the economy follows. darren gersh, nbr, washington. >> tom: retail sales moved higher in october as retailers closed their books on the month before sandy rushed ashore. macy's surprised with a better than expected 4% sales gains; kohl's and target also fared well. warehouse store costco was up 5%, while nordstrom was the standout. the high-end retailer posting a near 10% sales gain....
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Nov 20, 2012
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, and the fiscal cliff. >> tom: looking forward to it susie, good night everyone. we'll see you online at: www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org ♪) (♪ theme music ) matt elmore: (♪) welcome to imagemakers a weekly showcase featuring the best short films from around the world. stay tuned and enjoy the filmmakers of tomorrow
, and the fiscal cliff. >> tom: looking forward to it susie, good night everyone. we'll see you online at: www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org ♪) (♪ theme music ) matt elmore: (♪) welcome to imagemakers a weekly showcase featuring the best short films from around the world. stay tuned and enjoy the filmmakers of tomorrow
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Nov 9, 2012
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goes over the fiscal cliff, it would push the economy into a recession. and late today, a top credit rating agency puts the odds of going off the cliff at 15%. plus, how g.o.p. economic policies could change as election day demographics change. that and more tonight on nbr! the u.s. economy would be driven into recession next year if the fiscal cliff is not solved in time. that's the warning again today from the congressional budget office. and the standard and poor's ratings agency said there's an increasing chance we will go over that cliff of tax increases and spending cuts. it puts the odds at 15%. still, s&p is optimistic about a solution, saying "the most likely scenario, in our view, is that policymakers reach sufficient political compromise in time to avoid most, if not all, potential economic effects of the cliff." both s&p and the congressional budget office warned unemployment would go over 9% by the end of next year if the cliff is triggered. those s&p comments hit the market in the last 30 minutes of trading, extending yesterday's sharp losse
goes over the fiscal cliff, it would push the economy into a recession. and late today, a top credit rating agency puts the odds of going off the cliff at 15%. plus, how g.o.p. economic policies could change as election day demographics change. that and more tonight on nbr! the u.s. economy would be driven into recession next year if the fiscal cliff is not solved in time. that's the warning again today from the congressional budget office. and the standard and poor's ratings agency said...
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Dec 8, 2012
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the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics. so mark falling off the fiscal cliff means bad things. how bad? >> it could be quite bad, susie. i don't think it's if we get into january and we haven't settled this but if house makers haven't nailed this down by early february, i think stock investors, bond investors will start to get very very nervous, start selling, risky businesses pull back and by the end of february when we start approaching the ceiling for the debt limit, i think we'll be back in recession. it will be a fairly severe recession. so policy makers have a few weeks but not much more than that. they have to get this together. >> susie: some people are saying that today's jobs report is very encouraging and that you can look at this as a way that maybe the economy can handle some stuff belt tightening because things are looking a little bit better. how do you think the various parties, republican and democrats will handle this jobs report in their fiscal cliff negotiations
the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics. so mark falling off the fiscal cliff means bad things. how bad? >> it could be quite bad, susie. i don't think it's if we get into january and we haven't settled this but if house makers haven't nailed this down by early february, i think stock investors, bond investors will start to get very very nervous, start selling, risky businesses pull back and by the end of...
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and that's tonight's "market focus." >> tom: while the economy approaches the fiscal cliff, some americans say the threat of higher taxes has them cutting back on spending. a third of those surveyed by bankrate.com have reduced their spending thanks to the fiscal cliff show-down in washington. those cutting back are more likely to consider themselves republicans or independent voters according to the survey. and while the tax debate is over high income earners, it's those earning less than $30,000 a year who are more likely to reduce their spending. we recently spoke with two behavioral finance professors about the impact the uncertainty can have for consumers and investors. they are professors at the university of miami. gentlemen, thanks for joining us. how do the fiscal cliff, the threat of the fiscal cliff, how could it be impacting consumer behavior? >> right now it could generate a lot of uncertainty in the minds of consumers. different demographics might react very differently. specifically, the 1% or 2% at the top, where the democrats are proposing very large tax increases, or the
and that's tonight's "market focus." >> tom: while the economy approaches the fiscal cliff, some americans say the threat of higher taxes has them cutting back on spending. a third of those surveyed by bankrate.com have reduced their spending thanks to the fiscal cliff show-down in washington. those cutting back are more likely to consider themselves republicans or independent voters according to the survey. and while the tax debate is over high income earners, it's those...
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thank you very much anne miletti. >> susie: the fiscal cliff isn't the only deadline threatening the u.s. economy. dockworkers at some of the nation's biggest ports could walk off the job this weekend, if a new labor deal isn't reached. as allison worrell reports, a strike could ripple far beyond the ports. >> reporter: if a deal isn't reached by 12:01 a.m. sunday, union dock-workers will take to the picket-line. 15 ports span the east and gulf coasts. and while they're in different locations, handling different types of cargo, they all agree, a strike would be very bad for business. >> it's really important for the people in our country to recognize, in this state, that a strike combined with the ongoing negotiations between congress and president obama regarding, um, the so-called fiscal cliff could be a one, two combination knock out for nation's economy. >> if a strike does happen that means a big chunk of the more than 14,000 members of the international longshoresmen association will be off the job. >> reporter: the ports impacted generate an estimated $11 billion in state and
thank you very much anne miletti. >> susie: the fiscal cliff isn't the only deadline threatening the u.s. economy. dockworkers at some of the nation's biggest ports could walk off the job this weekend, if a new labor deal isn't reached. as allison worrell reports, a strike could ripple far beyond the ports. >> reporter: if a deal isn't reached by 12:01 a.m. sunday, union dock-workers will take to the picket-line. 15 ports span the east and gulf coasts. and while they're in different...
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falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price will also depend on whether central banks continue to diversify their holdings into gold, and whether they implement more quantitative easing to boost growth. the outlook for platinum is a little more complicated. there have been major supply disruptions due to labor unrest in south africa, which produces nearly all of the world's platinum. it also depends on demand. >> europe is a key part of the platinum demand picture. if europe can recover, certainly that's going to bode well for platinum demand. if the price trades higher, it may affect som
falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price...
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Aug 24, 2012
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. >> susie: we continue our coverage of the impact of the fiscal cliff on the u.s. economy. two leaders urging lawmakers to fix the problem before it's too late are alan simpson and erskine bowles. they are the co-chairs of president obama's commission on deficit reduction. our washington bureau chief, darren gersh, spoke with them, and began by asking erskine bowles why he thinks we will go over the cliff. >> because i think both sides see it to their advantage to go over the cliff, their political advantage. to me, it makes no sense whatsoever. what they're doing is really, you know, making a bet on the country. they're really risking our country. we've got $7 trillion worth of economic events that will hit us in the gut in december-- expiration of bush tax cuts, the expiration of the payroll tax cut, it's these mindless and senseless across-the-board cuts that came about because of the sequester, which came about because of the failure of the super committee. and if we do nothing by the end of this year, the negative impact on economic growth in 2013 will be enough to thr
. >> susie: we continue our coverage of the impact of the fiscal cliff on the u.s. economy. two leaders urging lawmakers to fix the problem before it's too late are alan simpson and erskine bowles. they are the co-chairs of president obama's commission on deficit reduction. our washington bureau chief, darren gersh, spoke with them, and began by asking erskine bowles why he thinks we will go over the cliff. >> because i think both sides see it to their advantage to go over the...
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cliff concerns, that the u.s. economy would be over $260 billion higher in a gdp perspective. that's around $800 per person in the united states. i think the u.s. economy would have grown 3% per year over the past two years rather than 2%. if the level of policy uncertainty had not been so strong and so high. >> you talk about policy uncertainty, and we know that the federal reserve is meeting tomorrow, this week. to what extent is the federal reserve policy impacting this uncertainty? is all of the stimulus that they're putting into the economy helping or holding back growth? >> i think it is helping. it's tough to argue otherwise. when you look at the fact that the u.s. economy has expanded at an albeit modest pace, despite the elevated level of policy uncertainty. so i think the federal reserve should receive some credit for trying to estimate the economy. that said, i think importantly they are starting to point out that there are costs to their strategy. savers at home and in very low interest rate paying inv
cliff concerns, that the u.s. economy would be over $260 billion higher in a gdp perspective. that's around $800 per person in the united states. i think the u.s. economy would have grown 3% per year over the past two years rather than 2%. if the level of policy uncertainty had not been so strong and so high. >> you talk about policy uncertainty, and we know that the federal reserve is meeting tomorrow, this week. to what extent is the federal reserve policy impacting this uncertainty? is...
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cliff, it could push the economy into a recession. how are you preparing for that? would that mean layoffs at caesar's? >> it will mean reduction in hours for our employees. we reduced in 2008, so it is unlikely we would layoff more people than we have already. but you can see less services offered in the facilities at certain times and somewhat reduced employment levels. >> suzanne: you have plans to open casinos in baltimore -- has any of that changed? >> no. these are long-lived investments, in cases like boston, cincinnati, or cleveland, they were never allowed and all of a sudden they will now be. we go into those markets irrespective of what we see in the markets today. if there were to be a fiscal cliff event, we may slow the pace of activity in las vegas. >> do you still think the u.s. is one of the best places to invest? >> i still do think it is. but if you asked me that a couple of years ago, the rest of the world had growth, but, fortunately, the u.s. has come back. with the right medicine in this country to cure the econo
cliff, it could push the economy into a recession. how are you preparing for that? would that mean layoffs at caesar's? >> it will mean reduction in hours for our employees. we reduced in 2008, so it is unlikely we would layoff more people than we have already. but you can see less services offered in the facilities at certain times and somewhat reduced employment levels. >> suzanne: you have plans to open casinos in baltimore -- has any of that changed? >> no. these are...
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economy. >> congress wasn't just voting on a fiscal package. they were voting on whether or not they wanted the economy to slip into contraction in the first half of 2013. >> reporter: but, it's not clear the economy is in any better shape, as a result of the deal. >> overall , it should be a little bit of a drag. when tax rates go up, there will be less money around to spend. there will be a lower savings rate most likely. >> reporter: the budget bill raises the top marginal tax rate to 39.6%. those top earners will also pay higher taxes on their investments. but, many of those households will be able to absorb the tax increases by lowering their savings rates. the bigger concern is what happens to spending by lower and middle income consumers. the decision not to extend the payroll tax cuts for all workers, means the average household will have a thousand dollars less income this year. >> a lot of working class and middle income households do live paycheck to paycheck. so if suddenly those paychecks are 1% to 2% points lower, that doesn't see
economy. >> congress wasn't just voting on a fiscal package. they were voting on whether or not they wanted the economy to slip into contraction in the first half of 2013. >> reporter: but, it's not clear the economy is in any better shape, as a result of the deal. >> overall , it should be a little bit of a drag. when tax rates go up, there will be less money around to spend. there will be a lower savings rate most likely. >> reporter: the budget bill raises the top...
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a report by the association of national manufacturers indicates that the fiscal cliff is already hurting the economy. "the wall street journal" -- more than 80 c.l.'s are coming together to put heat on congress. where is this going to go? >> it ought to result in congress making changes to keep us from going over the cliff. the statement of the ceo's is significant in that they said what everybody else knows what has to happen. there needs to be some revenue -- >> tom mitt romney paul ryan -- l. mitt romney and paul ryan. >> why is it not happening? you cannot do anything between now and the election, but you can do something in january. as we mentioned before, a steady improvement in the economy, an improvement that would benefit the next president, by the way. >> 2% growth is pretty -- >> i welcome the cliff. congress is just a hopeless, completely hopeless. it will take over the cliff to get the deal could i am hopeful that we will get a deal, and want measurement is a businessman, who don't like taxes, getting together and saying, hey, taxes. >> "i will elcome the cliff" by at the th
a report by the association of national manufacturers indicates that the fiscal cliff is already hurting the economy. "the wall street journal" -- more than 80 c.l.'s are coming together to put heat on congress. where is this going to go? >> it ought to result in congress making changes to keep us from going over the cliff. the statement of the ceo's is significant in that they said what everybody else knows what has to happen. there needs to be some revenue -- >> tom mitt...
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and a lot of that will be contingent on resolution of the fiscal cliff and the government and the economy. >> a lot of ways to measure thet but the most direct way for momentum home buyers and sellers is prices. do you expect that trajectory to continue? >> i do.we have raised prices ia little more than half of our communities. it's been relatively modest. but as we observe and we read stats, we are getting a lit lite more confident and may push prices a bit more in 2013. >> what are you finding in termg materials. the commodity that it takes to put up the toll brother homes. >> we are seeing that increasea. in 2012 we have seen the cost go up $4,500 a home. move o most of that was in the commodities. as we go to 2013 it's hard to predict. i don't think we'll see labor stay war i where it is and thatl increase and the commodity as well. >> do you expect it to remainch. >> i do expect it to remainchea. the fed has made that commitment to the extent that you can call it a commitment and it's in the best interest of the continued recovery of the economy to keep mortgage rates low because hou
and a lot of that will be contingent on resolution of the fiscal cliff and the government and the economy. >> a lot of ways to measure thet but the most direct way for momentum home buyers and sellers is prices. do you expect that trajectory to continue? >> i do.we have raised prices ia little more than half of our communities. it's been relatively modest. but as we observe and we read stats, we are getting a lit lite more confident and may push prices a bit more in 2013. >>...
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especially the so-called fiscal cliff: >> when you look at the prospect for tax increases and steep spending cuts both hitting the economy at the first of the year, you are talking about the potential for an instant recession. that's what's causing businesses and consumers to hold back. >> reporter: but many americans are hopeful congress will act to avoid the fiscal cliff. assuming that happens, the housing market is expected to continue gaining momentum, helping the overall economy recovery. erika miller, "n.b.r.," new york. >> susie: joining us now with more analysis, richard dekaser, economist at wells fargo. so do you agree with that last comment and the reporter's package there about housing and the momentum that it has? >> oh, absolutely. i think we've been watching the housing market for three plus years now, and 2009, 10 and 11 were all best described as bouncing a long the bottom. we had some false hopes when perhaps tax incentives stimulated demand, but then they fall back afterwards. but what we're seeing now is very different. the past year, nine months in particular has seen su
especially the so-called fiscal cliff: >> when you look at the prospect for tax increases and steep spending cuts both hitting the economy at the first of the year, you are talking about the potential for an instant recession. that's what's causing businesses and consumers to hold back. >> reporter: but many americans are hopeful congress will act to avoid the fiscal cliff. assuming that happens, the housing market is expected to continue gaining momentum, helping the overall...
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>> the economy is going to be very weak despite the solution on the fiscal cliff. >> ryan is right on the cliff, by the way. i predict the captioning by vitac, underwritten by fireman's fund >>> an unprecedented surrender. the oakland police department gives up authority to a court appointed director. is it enough to avoid a federal takeover? california schools are poised for a tidal wave of money, nearly $3 billion over 5 years. to make schools greener. a bleak future for african-american school-aged boys. it's one of several alarming findings of a legislative committee study. >>> plus, a conversation with an education
>> the economy is going to be very weak despite the solution on the fiscal cliff. >> ryan is right on the cliff, by the way. i predict the captioning by vitac, underwritten by fireman's fund >>> an unprecedented surrender. the oakland police department gives up authority to a court appointed director. is it enough to avoid a federal takeover? california schools are poised for a tidal wave of money, nearly $3 billion over 5 years. to make schools greener. a bleak future for...